Financial Crises: Past lessons and Policy Implications

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Financial Crises: Past lessons and Policy Implications

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Davide Furceri
Annabelle Mourougane

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Abstract

This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations. A number of facets of the crisis are detailed, including its origins and spreading factors as well as crisis resolution policies and their associated gross and net fiscal costs. The implications of the crisis on key macro-economic variables are subsequently presented. Finally, policy recommendations for both addressing the economic downturn and enhancing the resilience of the economies over the medium to long-term are discussed.

Crises financières : leçons du passé et implications de politiques économiques
Cet article donne une vue d'ensemble de la crise financière à la lumière des expériences passées et de la théorie économique et tire des recommandations préliminaires de politiques économiques. De nombreuses facettes de la crise sont détaillées, notamment ses origines et ses facteurs de propagation, de même que les politiques de résolution de crises et leur coût budgétaire (brut et net). Les répercussions de la crise sur les variables macro-économiques clefs sont ensuite présentées. Au final, des recommandations de politiques économiques sont discutées pour à la fois répondre au retournement économique et accroître la résilience des économies sur le moyen et le long terme.

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Paper provided by OECD, Economics Department in its series OECD Economics Department Working Papers with number 668.

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Date of creation: 17 Feb 2009
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Handle: RePEc:oec:ecoaaa:668-en

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Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
G1 - Financial Economics - - General Financial Markets

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-02-22 (All new papers)
NEP-CBA-2009-02-22 (Central Banking)
NEP-HPE-2009-02-22 (History & Philosophy of Economics)
NEP-MAC-2009-02-22 (Macroeconomics)

Cited by:
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Jochen R. Andritzky & Andreas Jobst & Sylwia Barbara Nowak & Yacine AÃ¯t-Sahalia & Natalia T. Tamirisa, 2009. "How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis," IMF Working Papers 09/204, International Monetary Fund. [Downloadable!]

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This page was last updated on 2009-11-23.

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